What's a good reason for refinancing your home?
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I'm about to finish repaying my housing loan. And about to retire. I've been told that I could refinance it to get funds to use for important things like children's education or renovation.. Is that a good idea?
What's a good reason for refinancing your home?You enjoy giving a bank a dollar in interest so can save 30 cents on that dollar come tax season. What a bargain.............NOT!!!!!!!
Pay off your mortgages and own your house free and clear. There is no reason to give a bank 10K interest every year to save 3k on your taxes. Would you give a relative or friend 100 dollars if they only promised to pay you 30 dollars come April 15????? NOOOOO
What's a good reason for refinancing your home?If you're about to retire you may not want to refinance and take on additional debt. However, you could look into a reverse mortgage. Reverse mortgages essentially pay off your loan balance and give you your equity in cash. This way you no longer have any house payment and you have money for renovation or children's education. You can invest that money in mutual funds or even CDs and grow your money and maybe even make a little extra income with dividends and such. The downside of a reverse mortgage is that when you sell your house, you won't really get any money out of it. Since you've already removed your equity, the bulk of the money will go to the bank. Reverse mortgages are really ideal for people who don't plan to move again after you retire. You should definitely talk with a broker about your options. Good luck.
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